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What happens to your junior ISA when you turn 18?

Written by Ines Pena, Digital Content Executive

When you turn 18, your junior ISA (JISA) will “mature”, which means it becomes an adult ISA and you can access the money that’s been saved for you.

There are three main things that will happen to your JISA on your 18th birthday.

  • Your JISA will automatically become an adult ISA. It will continue to be invested, so its value can still go up or down, but you won’t be able to pay any more money in.
  • The person named on the JISA will become the Registered Contact. Legally, we won’t be able to speak to your parents about your JISA anymore.
  • The exciting bit – your money will become available for you to move or withdraw!

What can I do with my junior ISA when it matures?

That depends on how you see your future! No matter how much money you have in your JISA, it could start you off on the path towards the future you want so it’s worth considering your next move carefully.

Broadly speaking, there’s four things you can do:

Keep investing your money

By moving it all into another product, such as a Lifetime ISA to save for your first home or a Stocks and Shares ISA to save for anything else. Once you’ve transferred your balance, you’ll be able to pay money in again.

Invest some, spend some

By transferring some of your money into another investment product and withdrawing the rest to spend now or invest elsewhere.

Leave some, spend some

Decide on an amount to withdraw to spend now or to invest somewhere else and leave the rest where it is while you decide.

Withdraw all your money straightaway

It’s a good idea to plan what you’ll do with your money if you do choose this option. It’s all too easy to spend money that’s in your current account without thinking about it!

Just so you’re aware, if you do decide to move money into another ISA, it won’t be possible to keep any money in your adult ISA. So, you’ll need to transfer all your money into your new ISA or simply withdraw any that don’t want to invest. We’ll then close your adult ISA.

There’s no rush. You can leave your money in your adult ISA (Matured Junior ISA) while you decide.

The money will stay invested in a fund which means its value will continue to change due to stock market fluctuations and it could increase or decrease.

How do I access my junior ISA money?

If your JISA is with OneFamily, simply log into your online account or register for one if you haven’t done so already.

There you’ll see options to move money into a Lifetime ISA, a Stocks and Shares ISA or withdraw it. You’ll be able to decide how much money to put in each option.

You will need your National Insurance number to create your account. If you don’t have it, don’t panic, here’s how you can find it.

What happens to my junior ISA when I turn 16?

Your JISA won’t change. The money will still be locked in, will continue to be invested in the same fund and it will still be possible to pay money in.

However, at 16 you’ll have the option of taking over as the Registered Contact. That means you’ll be in charge, and we’ll start sending information about your JISA to you and not to your parents. Simply register for an online account to take over.

Your options for reinvesting your junior ISA money

If you’re thinking of keeping your money invested for the future, we have two ISAs that you’ll be able to move money into through your online account.

Lifetime ISA: good for saving for your first home

A lifetime ISA could be a great choice if you’re thinking of buying your own home someday. The big advantage is that the government tops up everything you save by an extra 25%!

There are a few rules to be aware of though:

  • You can only invest up to £4,000 each tax year in a lifetime ISA, which would get you the maximum £1,000 a year bonus.
  • If you do take your money out for anything other than your first home, HMRC will take 25% of everything you withdraw as a Government Withdrawal Charge (unless you’re over 60, when you can do what you like).
  • You must keep your money invested for at least 12 months or HMRC will charge the Government Withdrawal Charge.
  • The property you buy must be worth £450,000 or less, must be your first home and you must live in it.

Depending on how much you have in your JISA, that 25% bonus could put you well on your way to owning your own home!

Like your JISA, our Lifetime ISA invests in stocks and shares. This gives it good potential to grow over the long-term, but there is a risk that the value could go down and you could get back less than you’ve paid in.

Stocks and Shares ISA: good for saving for anything else

You can invest up to £20,000 a year in ISAs, and although the government doesn’t add anything to your savings, it also doesn’t charge you a withdrawal fee no matter when you take your money out or what you spend it on.

Like your JISA, our Stocks and Shares ISA invests in the stock market. This gives it good potential to grow over the long-term, but there is a risk that the value could go down and you could get back less than you’ve paid in.

You may also be interested in:

What are the next steps for my Junior ISA?

At 18, you’ll be able to log into your online account and tell us what you want to do with the money in your Junior ISA.

Should I reinvest my Junior ISA money?

Your Junior ISA is invested in the stock market. If that’s worked for you, here’s how to keep investing after it matures.

How do I access my Junior ISA?

The easiest way to access your Junior ISA is by registering for an online account.

How do I find my National Insurance number?

You’ll need your National Insurance number to register for an online account to manage your Junior ISA. Here’s how to find it.